自BTC的历史最高水平以来，比特币开放兴趣下降了35％，这表明市场动态变化

自从资产历史最高水平以来，随着下降压力的持续，比特币在期货市场上的开放兴趣下跌了35％。

Bitcoin (BTC) open interest in the futures market has slumped 35% since the asset’s all-time high (ATH), as the crypto faces difficulties reclaiming the $90,000 psychological level.

自从资产的历史最高水平（ATH）以来，比特币（BTC）在期货市场上的开放兴趣下跌了35％，因为加密货币面临赔偿90,000美元的心理水平的困难。

For context, Bitcoin has struggled to sustain gains after reaching an all-time high (ATH) of over $109,000 in January.

就上下文而言，比特币在一月份达到历史最高109,000美元以上的历史高（ATH）之后一直在努力维持收益。

Despite the new all-time high, BTC has faced difficulties reclaiming the $90,000 psychological level, remaining stuck below it for nearly two weeks.

尽管历史新高，BTC仍面临着90,000美元的心理水平的困难，持续了将近两个星期。

This downturn has sparked discussion over whether the current bull market has ended or if a new rally could push BTC to fresh highs.

这种低迷引发了人们对当前牛市是否已经结束的讨论，或者新的集会是否可以将BTC推向新的高点。

Amid this uncertainty, recent data from Glassnode sheds light on major shifts in market conditions.

在这种不确定性之中，玻璃节的最新数据阐明了市场条件的重大变化。

One notable development is a sharp decline in Bitcoin open interest, which has fallen from $57 billion at Bitcoin’s ATH to $37 billion. This decline represents a staggering 35% drop.

一个值得注意的发展是比特币开放兴趣的急剧下降，该利息已从比特币ATH的570亿美元下降到370亿美元。这种下降代表了惊人的35％。

This metric measures the total value of outstanding derivative contracts, suggesting a massive reduction in speculative trading and hedging activity.

该度量标准衡量未偿还衍生合同的总价值，这表明投机交易和对冲活动大量减少。

What Does Bitcoin Open Interest Say About BTC?

比特币开放兴趣对BTC有何评价？

According to Glassnode, this crash in Bitcoin open interest is part of a broader liquidity on-chain.

根据GlassNode的说法，这次比特币开放兴趣的崩溃是链上流动性更广泛的一部分。

This signals a strong risk-off sentiment among investors.

这标志着投资者的强烈风险情绪。

Additionally, the unwinding of the cash-and-carry trade, which traders use to capitalize on the price differential between spot and futures markets, suggests a weakening long-side bias.

此外，交易者用来利用现金和期货市场之间的价格差异的现金和交易贸易的放松表明，长期偏见会降低。

This is part of a broader shift in positioning, as evidenced by ETF outflows and CME futures closures, which are placing additional selling pressure on Bitcoin’s spot market.

这是ETF流出和CME期货关闭所证明的位置更广泛转变的一部分，这在比特币的现货市场上施加了额外的销售压力。

However, it’s important to note that ETFs typically have lower liquidity compared to futures, which could amplify short-term volatility in the market.

但是，重要的是要注意，与期货相比，ETF通常具有较低的流动性，这可能会扩大市场短期波动。

Another key on-chain metric highlighted by Glassnode is Hot Supply. This metric, which tracks BTC coins held for one week or less, has slid from 5.9% of circulating supply to just 2.8%. This marks a reduction of over 50% in the past three months.

玻璃节突出显示的另一个关键的链公制是热供应。该指标跟踪持有的BTC硬币一周或更短的时间，从循环供应的5.9％滑到仅2.8％。这标志着过去三个月中的50％以上。

The decline in Hot Supply signals that fewer newly acquired coins are being traded, ultimately decreasing the supply of liquid Bitcoin.

热供应信号的下降表明，新收购的硬币正在交易，最终减少了液体比特币的供应。

Complementary to this trend, exchange inflows have also decreased significantly from 58,600 BTC per day to 26,900 BTC, showcasing a 54% reduction.

补充这种趋势，交换流入也从每天的58,600 BTC显着下降到26,900 BTC，显示出54％的降低。

While lower inflows indicate less sell-side pressure, the decreased volume suggests weaker demand, as fewer coins are being moved to exchanges for trading activity.

虽然流入较低表示卖方压力较小，但量减少表明需求较弱，因为将硬币较少转移到交易活动以进行交易活动。

Bitcoin’s Price Today, March 21

今天3月21日比特币的价格

Currently, Bitcoin is trading at $85,225, attempting to maintain stability above the $85,000 support level.

目前，比特币的交易价格为85,225美元，试图将稳定性保持在85,000美元的支持水平以上。

A market commentator known as “Unknown Trader” points out that Bitcoin closed above $85,000, an important level needed to sustain upward momentum.

一位名为“未知交易者”的市场评论员指出，比特币关闭了85,000美元以上，这是维持向上势头所需的重要水平。

The crypto analyst, who is followed by over 66,000 on X, also notes that the price closed above the daily 200-day moving average, which is historically a bullish signal.

这位加密分析师随后在X上超过66,000，还指出，价格上涨了200天的每日移动平均水平，这在历史上是看涨的信号。

According to the trader, Bitcoin is now retesting the $85,000 level. If it holds, he expects an upward move toward the $90,500-$92,441 resistance area.

根据交易员的数据，比特币现在正在重新测试$ 85,000的水平。如果它成立，他预计将朝着90,500- $ 92,441的电阻区域上升。

However, once BTC reaches this level, the trader anticipates a rejection and a subsequent retest of the $85,000 area.

但是，一旦BTC达到这一水平，交易者预计将拒绝并随后重新测试85,000美元的面积。

Meanwhile, CryptoQuant analyst Woominkyu highlights a potential accumulation phase by U.S. institutional investors.

同时，加密分析师Woominkyu强调了美国机构投资者的潜在积累阶段。

The analyst notes that the 30-day EMA of the Coinbase Premium Index is attempting to cross above the 100-day EMA.

分析师指出，Coinbase Premium指数的30天EMA试图超过100天EMA。

Similar crossovers in the past have typically been followed by surges in price, suggesting that whales and institutional players may be engaging in significant buying activity, which is pushing up the Coinbase Premium Index.

过去类似的跨界车通常会发生飙升，这表明鲸鱼和机构参与者可能正在从事重大的购买活动，这推动了Coinbase Premium指数。

As explained by Woominkyu, a rising Coinbase Premium Index signifies stronger institutional buying pressure, as they prefer trading on Coinbase Pro due to its high liquidity and ability to handle large trades without impacting the market price.

正如Woominkyu所解释的那样，上升的Coinbase Premium指数表示更强大的机构购买压力，因为他们更喜欢在Coinbase Pro上进行交易，因为它的流动性很高，并且能够处理大型交易而不会影响市场价格。

If this trend persists, it could drive further upside in Bitcoin’s price, potentially extending the ongoing bull market rather than signaling its end.

如果这种趋势持续存在，它可能会以比特币的价格进一步上升，从而扩大了正在进行的牛市，而不是发出终结。